H.C. Wainwright Reiterates Neutral Rating on Acelyrin Inc (SLRN)

H.C. Wainwright analyst Emily Bodnar reiterated a Neutral rating and $8.00 price target on Acelyrin Inc (NASDAQ: SLRN).

The analyst commented: "Yesterday after market close, Acelyrin announced that the Phase 2b/3 study of izokibep for treatment of uveitis did not meet the primary endpoint of time to treatment failure vs placebo as measured by treatment failure rates at 24 weeks. We are not surprised by this news given all other studies of izokibep had shown mixed results, and anti-IL-17 antibody secukinumab also had mixed results in uveitis. We were not assigning any POS for this indication prior to the results and viewed it as a high-risk/high-reward opportunity. The Phase 2b/3 trial enrolled 96 patients who were treated with 160 mg QW (subcutaneous) or placebo. In the study, the treatment failure rate at 24 weeks was 45% (p=0.4914) for izokibep and 50.7% for placebo, suggesting some numerical benefit but not enough to achieve significance. Statistical significance was not achieved for any secondary endpoint and no clinical benefit was observed. Izokibep was well tolerated with consistent safety as in other studies evaluating the therapy. This compares to adalimumab which is the only approved therapy for uveitis which showed time to treatment failure of 24 weeks vs 13 weeks for placebo (11 week or ~3 month difference). The delta vs placebo for treatment failure was 28% at Week 20 (p<0.001). At Week 24, the difference was a bit higher than at Week 20. The company had previously noted it would only advance this program into Phase 3 if data appear superior to adalimumab. The company's prior guidance and operating plan included the funding of this Phase 2/3 trial and given we were not ascribing any value to this program, we are not making any changes to our valuation. The company continues to project cash runway into mid-2027. Maintain Neutral rating and $8 PT."

For an analyst ratings summary and ratings history on Acelyrin Inc click here. For more ratings news on Acelyrin Inc click here.

Shares of Acelyrin Inc closed at $4.06 yesterday.

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